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This initiative, spearheaded by President Bola Tinubu’s administration, represents a significant step towards achieving energy self-sufficiency and reducing dependence on imported refined products. ...READ THE FULL STORY FROM SOURCE ↔️
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It also underscores the federal government’s commitment to easing pressure on the Naira and increasing the availability of petroleum products within the domestic market.
During the unveiling event at the Dangote Refinery, Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, lauded President Tinubu’s visionary leadership.
Edun highlighted that the initiative aligns with Tinubu’s vision of ensuring that no raw materials leave Nigeria without adding value domestically.
The Minister also praised Aliko Dangote and the Dangote Group for realizing this vision through the establishment of the refinery.
He commended the technical sub-committee, chaired by Federal Inland Revenue Service Executive Chairman Zacch Adedeji, for its role in implementing the Naira-based crude sales to local refineries.
Edun, accompanied by Adedeji and other members of the Technical Subcommittee, toured the refinery’s advanced facilities.
The tour showcased the refinery’s capacity to add local value and reduce reliance on imported refined products.
Edun expressed admiration for the refinery’s technological advancements and its potential to meet Nigeria’s domestic fuel needs efficiently.
According to a statement released by Mohammed Manga Director, Information and Public Relations, the Minister witnessed the loading of the first batch of PMS from the Dangote Refinery, marking a milestone in the domestic supply of refined petroleum products.
Although the official Naira-based sale of crude oil is set to commence on October 1st, this event symbolizes a major step forward.
The Federal Executive Council (FEC), under President Tinubu’s leadership, has approved the supply of crude oil to domestic refineries, including Dangote’s, with payments to be made in Naira.
“From October 1st, NNPCL will supply approximately 385,000 barrels per day of crude oil to the Dangote Refinery, payable in Naira,” Edun announced.
The Minister urged other domestic refiners to join this initiative, not only to meet national needs but also to facilitate legal exports to neighboring countries, enhancing foreign exchange revenue and supporting economic growth.
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With the commencement of PMS supply in Naira, Nigeria is poised to make substantial strides towards its energy goals.▶For. More. READ. THE FULL. STORY.▶▶
